Meticulous Research® has recently published a comprehensive report titled “Payment Security Market by Offering (Solution, Services), Platform (Web, PoS), Payment Mode (Cards, Digi Wallets, Internet Banking, PoS), Vertical (Retail, Travel, Healthcare, IT & Telecom, Media), Organization Size, and Geography — Global Forecasts to 2028”. According to this report, the global payment security market is projected to grow at a compound annual growth rate (CAGR) of 16.5% from 2021 to 2028, reaching $54.1 billion by 2028. This robust growth is primarily driven by the increasing adoption of digital payment methods, stringent PCI DSS regulations, and a rise in fraudulent activities within the global e-commerce sector.
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Key Growth Drivers
One of the significant factors fueling the growth of the payment security market is the widespread adoption of digital payment methods. The need to comply with rigorous PCI DSS guidelines and the rise in cybercrime across e-commerce platforms are major drivers. Additionally, the expanding use of payment applications across various industries is expected to provide substantial growth opportunities. Despite these positive factors, the lack of trust in online transactions poses a challenge to market expansion.
Market Segmentation Insights
The market is segmented by offering, platform, payment mode, industry vertical, and organization size. In 2021, the solution segment led the market, and it is anticipated to grow at the highest CAGR during the forecast period. This is due to the increasing demand for advanced payment security solutions and the necessity for organizations to adhere to PCI DSS compliance.